Employers exceeded projections by adding 254,000 jobs in September.

Employers exceeded projections by adding 254,000 jobs in September, reversing a hiring slump that had led to the Federal Reserve’s big rate drop at its meeting last month. 

According to financial data source FactSet, economists had predicted 140,000 additional jobs are coming. The employment data is the second-to-last labor market indicator before to the Federal Reserve’s rate decision meeting on November 7, which is anticipated to see the central bank lower its benchmark rate once more. Due to a weakening economy and poor hiring, the Fed this month issued a hefty decrease, its first rate cut in four years. 

How does a Fed rate cut relate to the jobs report?

When the Fed meets again for two days in November, it is unlikely to repeat its September jumbo cut, according to the strong report, said PNC chief economist Gus Faucher. He also pointed out that the Fed funds futures market is now pricing in a 91% chance of a 25 basis-point cut on November 7, up from a 47% chance a week ago. According to the Labor Department’s updated numbers for the previous two months, employers gained 144,000 jobs in July and 159,000 positions in August.

Wages exceeding inflation in growth

Last month, average hourly salaries increased 4% on an annual basis, indicating that workers are keeping up with inflation, which in August was 2.5% annually. However, after years of rising inflation and weak wage growth, many consumers still find it difficult to make ends meet, according to experts. Six out of ten people describe the economy as “bad,” despite analysts usually seeing it as solid.

Hundreds of workers are being onboarded more quickly and effectively at once thanks to generative AI.

One of the main duties of talent leaders is onboarding new hires, and how it is handled may have a big impact on how a worker feels about the company.

More and more businesses are using artificial intelligence and other digital tools to make hiring new employees more efficient, individualized, and customized. Indeed, according to a recent poll, 87% of businesses are dedicated to implementing AI for hiring and onboarding in the upcoming years, and more than two-thirds of them claim to have already integrated AI into their onboarding procedure.

A quicker method of producing

The final step in the AI-enabled onboarding process was using the e-learning module transcripts to generate AI voiceovers that would help with the training. Siddharth and Bradley both warned the WEC audience that a company’s success could be hampered if it looks for AI big slams at the beginning. Instead, they recommend experimenting with several strategies in beta testing and then growing the successful ones.

Stocks record 2024’s worst week following a mixed jobs report.

Although it fell short of forecasts, the US economy added 142,000 jobs last month, which was a recovery from the downwardly revised 89,000 number in July. The Bureau of Labor Statistics reported a little decrease in the unemployment rate, which was 4.3% to 4.2%.At the Federal Reserve’s September policy meeting, investors had anticipated for further clarity on whether the rate decrease would be a quarter- or half-point. However, some investors think that a half-point cut may still be in the cards, while others feel that the data has prepared the way for a quarter-point cut.

As per the CME FedWatch Tool, traders have a 69% forecast that the Fed will lower interest rates by a quarter-point later this month.